Oil tumbles below 78 USD on stocks, dollar

08:14, January 21, 2010      

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Oil prices tumbled on Wednesday as U.S. stocks dropped to the lowest level since November and dollar strengthened against major currencies.

Dollar rose against the euro and other major currencies on Wednesday after China decided to tighten up risk lending. A strong green back usually curbs the appeal of commodities including crude futures as an alternative investment.

Meanwhile, U.S. stocks was hit by a heavy sell-off. Earnings results from major banks didn't ease investors' concern about the health of financial system and the recovery of consumer spending.

Light, sweet crude for February delivery, which expires on Wednesday, lost 1.40 U.S. dollars to settle at 77.62 dollars a barrel on the New York Mercantile Exchange. The more active March contract gave up 1.58 dollars to settle at 77.74 dollars a barrel

Brent crude for March delivery fell 1.45 dollars to 76.18 dollars a barrel on the ICE Futures Exchange.

Source: Xinhua
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